What is a testamentary trust?

A testamentary trust is a type of trust that is created through a Will. This type of trust is established upon the death of the testator (person who creates the Will) and is implemented in accordance with the wishes of the deceased. A testamentary trust is commonly used to protect assets for minors or generations of beneficiaries. For example, if an individual wanted to provide an inheritance for minors, he or she could create a trust that would be managed by a trustee who would manage the trust assets on behalf of the beneficiaries, like a child or grandchild. The trust would typically include instructions about how the trust assets are to be used and managed. When a testamentary trust is created, the testator must name a trustee who will be responsible for managing the trust in accordance with the instructions stated in the will. The trustee has a fiduciary responsibility to the beneficiaries of the trust and must act in the best interest of the beneficiaries. The trustee will distribute income and assets in accordance with the instructions of the trust. In Florida, testamentary trusts are governed by the local Probate Court. The executor of the estate will file all of the necessary paperwork with the Probate Court for the creation of the trust. The Probate Court will review all of the documents to ensure that the trust is legally binding and valid for the beneficiaries. Testamentary trusts are a great way to help protect the assets of the beneficiaries and ensure that they are managed appropriately. Testamentary trusts can be a great way to provide for the future financial needs of beneficiaries and to provide the testator with peace of mind.

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What is a testamentary trust?

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